En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Ron Bousso and Karolin Schaps - BP sees oil prices below $55 a barrel in 2018





LONDON
Petroleumworld 08 02 2017

BP expects global oil prices to hold within a range of $45-$55 a barrel next year as U.S. shale production grows, the British company's chief financial officer said on Tuesday.

After a slow start to the year, global oil demand recovered in the second quarter of 2017 and was expected to grow by 1.4 to 1.5 million barrels per day, Brian Gilvary told Reuters.

"Global demand is looking pretty strong, and prices will firm around the levels seen today," he said.

Brent crude oil prices averaged $51.71 a barrel in the first half of 2017 and are currently just below $53 a barrel.

Global demand was at around 95 million bpd in 2016.

Brent crude oil prices were expected to remain broadly unchanged in 2018 as U.S. shale production is able to expand at these levels, effectively capping prices.

"We can now see where the price elasticity is. As the price comes up to $52-$53 a barrel we start to see some uptick in activity, as it drops to $45, we start to see that curtailing."

"For 2018 something around $45-$55 a barrel is probably a good range," Gilvary said.

Earlier BP reported a drop in second quarter profits after an exploration write-off in Angola.




Story by Ron Bousso and Karolin Schaps; Reporting by Ron Bousso, editing by Louise Heavens from Thomson Reuters.

reuters.com 08 01 2017

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels


Round 2.2 & 2.3
Results

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.